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Colorado Springs' housing market ranks in the top 30 among cities nationwide, study finds

August 30, 2016 Updated: August 31, 2016 at 2:06 pm
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A double exposure of the city of Colorado Springs and Pikes Peak May 17, 2009. Mark Reis, The Gazette

Colorado Springs' robust housing market is getting some love on the national scene.

The Springs ranked as the 28th-best real estate market among 300 metro areas nationwide, according to an analysis released Tuesday by social media company WalletHub.

And when the field of metro areas is narrowed to 62 cities with populations of 300,000 or more, Colorado Springs ranked No. 7, the WalletHub analysis shows.

WalletHub's study was based on 16 factors designed to help prospective homebuyers find the most attractive markets for housing, including median home price appreciation; housing affordability; the percentage of homes where owners owe more than their properties are worth; average number of days on market until a home is sold; building permit activity; population and job growth; and the unemployment rate.

"Those metrics that they're using are right in our wheelhouse," said Joe Clement, broker/owner of Re/Max Properties in Colorado Springs. "They're things that we've seen, that we've really made some great strides in over the last years. It's not surprising. It's great."

Of local housing numbers, home construction has been on a roll; single-family home building permits through July were running nearly 25 percent ahead of the same period last year and are on pace for their best year in a decade, according to the Pikes Peak Regional Building Department.

Meanwhile, on the resale side of the market, home sales and prices set record highs in May and June, and have showed gains for much of the last 24 months, Pikes Peak Association of Realtors figures show. Home sales also are on pace in 2016 to eclipse last year's record total.

Colorado cities made up one-third of the top 30 metro areas in the WalletHub analysis, with Thornton ranking as No. 8 in the nation.

Other cities included, Arvada, No. 10; Denver, No. 11; Greeley, No. 13; Fort Collins, No. 21; Aurora, No. 22; Westminster, No. 25; Longmont, No. 26; and Centennial, No. 29.

Also, Lakewood was No. 32 in the study, Boulder was No. 48 and Pueblo came in at No. 142.

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Contact Rich Laden: 636-0228

Twitter: @richladen

Facebook: Rich Laden

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